perfect

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perfect

(pronounced with the emphasis on the second syllable, not the first) To complete all steps necessary to establish a security interest in property that will take priority over later lenders. As between a lender and a borrower, a mortgage is effective and enforceable even if it is never recorded in the real estate records. If a third party, such as another lender, loans money to the debtor and records its own mortgage, then the second lender will have first rights in the property. The recordation of the mortgage, or of a UCC-1 for personal property, is called perfecting a security interest.Note:The UCC-1 is named for the Uniform Commercial Code form used to record notice of a security interest in personal property.

References in classic literature ?
A charming old Italian writer has laid down the canons of perfect feminine beauty with much nicety in a delicious discourse, which, as he delivered it in a sixteenth- century Florentine garden to an audience of beautiful and noble ladies, an audience not too large to be intimate and not too small to be embarrassing, it was his delightful good fortune and privilege to illustrate by pretty and sly references to the characteristic beauties of the several ladies seated like a ring of roses around him.
But that perfect state had lacked one thing even for mechanical perfection--absolute permanency.
A careless indifference reigned throughout their encampments, and their horses were permitted to range the hills at night in perfect freedom.
I am convinced of the perfect practicability of its removal.
Close beneath her lips La saw the perfect features of the forest god and into her woman's heart welled all the great love she had felt for Tarzan since first she had seen him, and all the accumulated passion of the years that she had dreamed of him.
It is what I dreamed of - the great and perfect thing - when I was a simple young man, with sweet illusions and clean ideals.
Never had such a perfect Christian sat before at Mr.
On the completion of their labors, a dispute arose as to which had made the most perfect work.
Difficulties on the theory of descent with modification -- Transitions -- Absence or rarity of transitional varieties -- Transitions in habits of life -- Diversified habits in the same species -- Species with habits widely different from those of their allies -- Organs of extreme perfection -- Means of transition -- Cases of difficulty -- Natura non facit saltum -- Organs of small importance -- Organs not in all cases absolutely perfect -- The law of Unity of Type and of the Conditions of Existence embraced by the theory of Natural Selection.
You say that perfect injustice is more gainful than perfect justice?
He very seldom swore at her (perhaps not above once a week) and never beat her; she had not the least occasion for jealousy, and was perfect mistress of her time; for she was never interrupted by her husband, who was engaged all the morning in his field exercises, and all the evening with bottle companions.
When, however, he had already his arm out-stretched for that purpose, he felt still more inclined for something else--namely, to lie down beside the tree at the hour of perfect noontide and sleep.